Federal Register / Vol. 63, No. 132 / Friday, July 10, 1998 / Notices 37435

5Securities Exchange Act Release No. 33868

(April 7, 1994), 59 FR 17621 (April 13, 1994). The

rule applies to contributions made on and after

April 25, 1994.

6See supra note 3.

7See Securities and Exchange Act Release No.

34161 (June 6, 1994), 59 FR 30379 (June 13, 1994)

(SR–MSRB–94–06) and Securities and Exchange

Act Release No. 34603 (August 25, 1994), 59 FR

45049 (August 31, 1994) (SR–MSRB–94–15).

8Section 15(b)(2)(C) states in pertinent part that

the rules of the Board ‘‘shall be designed to prevent

fraudulent and manipulative acts and practices, to

promote just and equitable principles of trade, to

foster cooperation and coordination with persons

engaged in regulating, clearing, settling, processing

information with respect to, and facilitating

transactions in municipal securities, to remove

impediments to and perfect the mechanism of a free

and open market in municipal securities, and, in

general, to protect investors and the public

interest.’’

9 17 CFR 240.19b–4(e)(1).

10 17 CFR 200.30–3(a)(12).

relevant by the NASD or the appropriate

regulatory agency (including, but not

limited to, the factors set forth in Rule

G–37(i)) could, in the judgment of the

NASD or the appropriate regulatory

agency, be sufficient to justify a

conditional or unconditional exemption

from the ban.

The Board also notes that none of the

three situations previously cited as

insufficient to justify an exemption

involved a contribution made prior to

an individual becoming a municipal

finance professional. Thus, for example,

where a non-de minimis contribution

was made by a person who later

becomes a municipal finance

professional (whether by reason of a

merger, as a newly hired associated

person, as an existing associated person

becoming involved in municipal

securities activities, or otherwise),

neither the NASD nor any appropriate

regulatory agency is constrained from

granting a conditional or unconditional

exemption if, in its judgment, such

exemption is consistent with Rule G–

37(i).

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission, the

Board included statements concerning

the purpose of and basis for the

proposed rule change and discussed any

comments it received on the proposed

rule change. The texts of these

statements may be examined at the

places specified in Item IV below. The

Board has prepared summaries, set forth

in Sections A, B, and C below, of the

most significant aspects of such

statements.

A. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

On April 7, 1994, the Commission

approved Board Rule G–37, on political

contributions and prohibitions on

municipal securities business.5 Since

that time, the Board has received

numerous inquiries concerning the

application of the rule. In order to assist

the municipal securities industry and,

in particular, brokers, dealers and

municipal securities dealers in

understanding and complying with the

provisions of the rule, the Board

published eight prior notices of

interpretation which set forth, in Q&A

format, general guidance on Rule G–37.6

In prior filings with the Commission,

the Board stated that it will continue to

monitor the application of Rule G–37

and, from to time, will publish

additional notices of interpretations, as

necessary.7 The Board recently has

received a number of questions

concerning mergers in the municipal

securities industry and the operation of

the exemption provision set forth in

section (i) of the rule from market

participants and the agencies charged

with enforcing the rule. As a result, the

Board has determined that it is

necessary to provide further guidance to

the industry and the applicable

enforcement agencies by confirming and

elaborating upon guidance provided in

prior Q&A notices and in prior

communications with the applicable

enforcement agencies. Accordingly, the

Board is publishing this ninth set of

Q&As.

The Board believes the proposed rule

change is consistent with Section

15B(b)(2)(C) of the Act.8

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Board does not believe that the

proposed rule change will impose any

burden on competition not necessary or

appropriate in furtherance of the

purposes of the Act, because it would

apply equally to all brokers, dealers and

municipal securities dealers.

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants, or Others

Written comments were neither

solicited nor received.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

The Board has designated this

proposed rule change as constituting a

stated policy, practice, or interpretation

with respect to the meaning,

administration, or enforcement of an

existing Board rule under Section

19(b)(3)(A) of the Act and Rule 19b–4(1)

thereunder,9 which renders the

proposed rule change effective upon

receipt of this filing by the Commission

At any time within sixty days of the

filling of this proposed rule change, the

Commission may summarily abrogate

such rule change if it appears to the

Commission that such action is

necessary or appropriate in the public

interest, for the protection of investors,

or otherwise in furtherance of the

purposes of the Act.

IV. Solicitation of Comments

Interested persons are invited to

submit written data, views, and

arguments concerning the foregoing,

including whether the proposed rule

change is consistent with the Act.

Persons making written submissions

should file six copies thereof with the

Secretary, Securities and Exchange

Commission, 450 Fifth Street, N.W.,

Washington, D.C. 20549. Copies of the

submission, all subsequent

amendments, all written statements

with respect to the proposed rule

change that are filed with the

Commission, and all written

communications relating to the

proposed rule change between the

Commission and any person, other than

those that may be withheld from the

public in accordance with the

provisions of 5 U.S.C. 552, will be

available for inspection and copying in

the Commission’s Public Reference

Room. Copies of the filing will also be

available for inspection and copying at

the Board’s principal offices. All

submissions should refer to File No.

SR–MSRB–98–10 and should be

submitted by July 31, 1998.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.10

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 98–18297 Filed 7–9–98; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

[Declaration of Disaster #3094]

State of Massachusetts

As a result of the President’s major

disaster declaration on June 23, 1998, I

find that Bristol, Essex, Middlesex,

Norfolk, and Suffolk Counties in the

State of Massachusetts constitute a

disaster area due to damages caused by
37436 Federal Register / Vol. 63, No. 132 / Friday, July 10, 1998 / Notices

heavy rains and flooding beginning on

June 13, 1998, and continuing.

Applications for loans for physical

damages as a result of this disaster may

be filed until the close of business on

August 22, 1998, and for loans for

economic injury until the close of

business on March 23, 1999 at the

address listed below or other locally

announced locations: U.S. Small

Business Administration, Disaster Area

1 Office, 360 Rainbow Blvd., South, 3rd

Floor, Niagara Falls, NY 14303.

In addition, applications for economic

injury loans from small businesses

located in the following contiguous

counties may be filed until the specified

date at the above location: Plymouth

and Worcester Counties in

Massachusetts; Bristol, Newport, and

Providence Counties in Rhode Island;

and Hillsborough and Rockingham

Counties in New Hampshire.

The interest rates are:

Percent

Physical Damage:

Homeowners with credit available elsewhere ........................ 7.000

Homeowners without credit available elsewhere ........................ 3.500

Businesses with credit available

elsewhere ................................ 8.000

Businesses and non-profit organizations without credit available elsewhere. ....................... 4.000

Others (including non-profit organizations) with credit available

elsewhere ................................ 7.125

For Economic Injury:

Businesses and small agricultural

cooperatives without credit

available elsewhere ................. 4.000

The number assigned to this disaster

for physical damage is 309406. For

economic injury the numbers are

990300 for Massachusetts, 990400 for

Rhode Island, and 990500 for New

Hampshire.

(Catalog of Federal Domestic Assistance

Program Nos. 59002 and 59008)

Dated: June 30, 1998.

James E. Rivera,

Acting Associate Administrator for Disaster

Assistance.

[FR Doc. 98–18410 Filed 7–9–98; 8:45 am]

BILLING CODE 8025–01–P

SMALL BUSINESS ADMINISTRATION

[Declaration of Disaster #3099]

State of Michigan

Ottawa and Montcalm Counties and

the contiguous counties of Allegan,

Clinton, Gratiot, Ionia, Isabella, Kent,

Mecosta, Muskegon, and Newaygo in

the State of Michigan constitute a

disaster area as a result of damages

caused by severe storms and high winds

that occurred on May 31, 1998.

Applications for loans for physical

damage from this disaster may be filed

until the close of business on August 27,

1998 and for economic injury until the

close of business on March 26, 1999 at

the address listed below or other locally

announced locations: U.S. Small

Business Administration, Disaster Area

2 Office, One Baltimore Place, Suite

300, Atlanta, GA 30308.

The interest rates are:

Percent

For physical damage:

Homeowners with credit available elsewhere ........................ 7.000

Homeowners without credit available elsewhere ........................ 3.500

Businesses with credit available

elsewhere ................................ 8.000

Businesses and non-profit organizations without credit available elsewhere ........................ 4.000

Others (including non-profit organizations) with credit available

elsewhere ................................ 7.125

For Economic Injury

Businesses and small agricultural

cooperatives without credit

available elsewhere ................. 4.000

The numbers assigned to this disaster

are 309911 for physical damage and

991400 for economic injury.

(Catalog of Federal Domestic Assistance

Program Nos. 59002 and 59008)

Dated: June 6, 1998.

Aida Alvarez,

Administrator.

[FR Doc. 98–18412 Filed 7–9–98; 8:45 am]

BILLING CODE 8025–01–P

SMALL BUSINESS ADMINISTRATION

[Declaration of Disaster #3097]

State of Minnesota; and a Contiguous

County in Wisconsin

Dakota and Ramsey Counties and the

contiguous counties of Anoka, Goodhue,

Hennepin, Rice, Scott, and Washington

in Minnesota, and Pierce County,

Wisconsin constitute a disaster area as

a result of damages caused by severe

storms, high winds, and tornadoes that

occurred May 15 through May 30, 1998.

Applications for loans for physical

damage as a direct result of this disaster

may be filed until the close of business

on August 24, 1998 and for economic

injury until the close of business on

March 25, 1999 at the address listed

below or other locally announced

locations: U.S. Small Business

Administration, Disaster Area 2 Office,

One Baltimore Place, Suite 300, Atlanta,

GA 30308.

The interest rates are:

Percent

For Physical Damage:

Homeowners with credit available elsewhere ........................ 7.000

Homeowners without credit available elsewhere ........................ 3.500

Businesses with credit available

elsewhere ................................ 8.000

Businesses and non-profit organizations without credit available elsewhere ........................ 4.000

Others (including non-profit organizations) with credit available

elsewhere ................................ 7.125

For economic injury:

Businesses and small agricultural

cooperatives without credit

available elsewhere ................. 4.000

The numbers assigned to this disaster

for physical damages are 309712 for

Minnesota and 309812 for Wisconsin.

For economic injury the numbers are

991200 for Minnesota and 991300 for

Wisconsin.

(Catalog of Federal Domestic Assistance

Program Nos. 59002 and 59008)

Dated: June 25, 1998.

Aida Alvarez,

Administrator.

[FR Doc. 98–18411 Filed 7–9–98; 8:45 am]

BILLING CODE 8025–01–P

DEPARTMENT OF STATE

[Public Notice 2859]

The Bureau of Political-Military Affairs,

Office of Defense Trade Controls; 30-

Day Notice of Information Collection;

DSP–61, Application/License for

Temporary Import of Unclassified

Defense Articles

SUMMARY: The Department of State has

submitted the following information

collection request to the Office of

Management and Budget (OMB) for

approval in accordance with the

Paperwork Reduction Act of 1995.

Comments should be submitted to OMB

within 30 days of the publication of this

notice.

The following summarizes the

information collection proposal

submitted to OMB:

Type of Request: Reinstatement,

without change, of a previously

approved collection for which approval

has expired.

Originating Office: The Bureau of

Political-Military Affairs, Office of

Defense Trade Controls.